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March 19, 2019
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Fast Company

WeWork rebranding won’t work

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The company formerly known as WeWork has rebranded as the We Company — although a better name for its network of on-demand office spaces for the newly incorporated and nominally employed; co-living spaces for the same Easyjet-set; and educational and coding services could be “House of Cards”.

News of the rebranding (first reported via Fast Company) comes on the heels of reports that the company would no longer be receiving a planned $16 billion golden parachute to escape a soon-to-be-sinking real estate market investment from longtime backer Masayoshi Son’s Softbank and his Softbank Vision Fund.

WeWork, which lost $1.2 billion over the first three quarters of 2018 according to an FT report, is rebranding to shift attention from its real estate play to a broader blend of living and educational services that now comprise the three pillars of its business (to be clear, the largest pillar is its real estate properties).

The knock against the company has always been that it was a real estate investment masquerading as a tech company (a case which the FT made magisterially last year).

In the blog post, WeWork chief executive Adam Neumann laid out the company’s new strategy which divides the company into three different business lines, WeWork (real estate), WeLive (its co-living spaces) and WeGrow (for education).

For the We Company to succeed a few things need to happen. Revenue needs to rebalance to the WeLive and WeGrow businesses quickly and it needs to grow its services even more aggressively. And the result of each needs to be actual profitability.

There aren’t a lot of really hard metrics to gauge the company’s current performance on. But the good people at Bloomberg did uncover actual financial data on the company’s debt, which is underperforming compared to industry benchmarks.

Neumann said that the original vision of the company was an all encompassing network of offerings that would help customers, bank, shop, live, and play. That’s a mighty goal worthy of a Vision Fund, but its vision may turn out to be a fever dream if the indicators are right and the worldwide slide into recession finally happens.

News Source = techcrunch.com

Bolt Threads joins Modern Meadow in the quest to bring lab-grown leather to market

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There’s a new world of lab-grown replacements coming for everything from the meat department in your grocery store to a department store near you.

Lab-made leather replacements will soon join vegetable-based meat replacements on store shelves thanks to startups like Bolt Threads, which today announced that it would join companies like Modern Meadow in the quest to bring vegetable-based replacements for animal hides to market.

Earlier this year, the Silicon Valley-based Bolt Threads raised a $123 million financing to expand its business beyond the manufacture of spider silk which had brought the company acclaim — and an initial slate of products.

The announcement today of its new product, Mylo, is the first step on that path.

Working with established partner, Stella McCartney, and using technology licensed from the biomaterials company Ecovative Design, Bolt is bringing Mylo’s mushroom-based leather replacement to the world in a debut of one of McCartney’s Falabella bag designs made from the mushroom material.

The first bag will be available at the Victoria and Albert Museum’s Fashioned from Nature exhibit, open to the public on April 21st in London.

In an interview with Fast Company last year, McCartney discussed her commitment to sustainability. “I don’t think you should compromise anything for sustainability,” McCartney told the magazine. “The ultimate achievement for me is when someone comes into one of my stores and buys a Falabella bag thinking it’s real leather.”

While Bolt Threads is licensing its technology from Ecovative Design, Modern Meadow is choosing to develop its own intellectual property for growing a replacement leather.

Taking a different path to its California-based competitor, Brooklyn’s Modern Meadow model is going for a mass market while Bolt Threads is more bespoke.

The East Coast company partnered with the European chemical giant Evonik — and has raised over $40 million dollars from billionaire backers like Peter Thiel’s Breakout Ventures and Horizons Ventures (financed by Li Ka Shing — one of China’s wealthiest men) — along with the Singaporean investment giant, Temasek.

Both companies are examples of how animal husbandry is being replaced by technology in the search for a more sustainable way to feed and clothe the world’s growing population. It’s a population that’s demanding quality goods without sacrificing sustainable industrial practices — all things that are made possible by new material — and data — science along with novel manufacturing capabilities that show promise in taking things from the laboratory to the heart of the animal industries they’re looking to replace.

This is a pattern that’s not just happening in fashion, but being replicated in food science as well.

How quickly the change will come — and how viable these alternatives will be — depend on them scaling to meet a broad consumer demand. One purse in a museum show isn’t enough. Once there are hundreds of handbags on Target shelves — that’s when the revolution won’t need to be televised, because it will already have been commercialized.

News Source = techcrunch.com

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